Basically.
This injury is a pain because obviously we all want to see Zion play, and it means he won't be playing by the Lakers game (probably), and some people have paid for tickets that now don't include a Zion Williamson performance, etc etc, so it's not like it's absolutely nothing. It's a pain, yes. Inconvenient, definitely, and a gut-punch for Pels fans, of course.
But as far as injuries go, this is closer to the minor end than the major end. This isn't an ACL or MCL or Achilles or quad rupture or hamstring tear or anything like that. He will be back before January, and maybe will take a handful of games to really get back into the swing of things, but he will almost certainly be fine. This very probably will not dramatically impact his career beyond the next few months.
The only real downside is that it's likely to increase his chance of things like arthritis as he gets older, which definitely sucks for him, but is hardly some killer for a dude who isn't even 20 yet. Guys his height and weight usually get arthritis anyway, so even that's not some kind of out-of-the-blue issue.